Pros
From an Advisory standpoint: Good place to work if you're very driven and looking for a steep learning curve with the potential for rapid career development. If you truly value hard work and don't mind long days / frequent travel / networking and politics, you can chart a successful path here.
Cons
Again, from an Advisory view: Your sanity and work/life balance will depend on your leaders. If you happen to have truly good leaders (managers / senior managers / partners) who care about YOU, not just themselves and their sales goals, then you may have a very decent experience with many opportunities to learn and grow within the firm. Unfortunately, the environment is one where most leaders are busy playing politics and focusing on themselves + their sales goals. Also, high performers will tend to suffer the most here, as a disproportionate amount of responsibilities and stress will go to them, but with no added rewards or mobility or extra benefits. And then leaders will act surprised when these people leave.